RIO DE JANEIRO, July 8 (Reuters) – Brazilian food retailer GPA has settled an arbitral dispute with the real estate arm of Brazilian investment fund Peninsula, it said in a Thursday securities filing, without disclosing the terms of the agreement.
The Fundo de Investimento Imobiliario Peninsula initiated arbitration proceedings against GPA, a subsidiary of France’s Casino Guichard Perrachon SA, in 2017. The dispute pertained to long-term leases GPA holds on 60 Peninsula properties, the company said.
“The settlement agreement reached by GPA and Peninsula resolved past controversies and improved the Contracts, maintaining the long-term of the leases, with enhanced new rules more adapted to the current market conditions,” GPA said in the filing.
Peninsula is the family office of Brazil’s Diniz family, which founded GPA, but sold its stake in the company several years ago. (Reporting by Gram Slattery Editing by Mark Potter)